Annual Report 2012 - Page 21

American Chamber of Commerce in Macedonia 3. Income a. Membership fees 2012 In MKD Type of membership Patron Corporate Business NGO’s Entrepreneur 6.179.768 1.610.000 2.975.054 1.378.714 110.000 106.000 2011 In MKD 1.765.000 3.038.090 1.395.191 98.750 125.000 6.422.031 4.  Current tax For 2012, as explained in the Note 2e, a reconciliation of income tax expense is as follows: 2012 In MKD Non-deductible expenses arising from: Representation Sponsorships Total Non-deductible expenses Tax on non deducible items at statutory income tax rate of 10% 127.548 207.939 335.487 33.549 2011 In MKD 53.567 136.634 190.201 19.020 The Company’s tax liabilities are based on the tax returns filed with the tax authorities and are finalized when audited by the Central Tax Authorities, or a ten-year period has elapsed from the year they are filed. The Chamber’s books and records have not been audited by the tax authorities regarding the income tax for 2012 and 2011, and consequently, the Company’s income tax may not be considered finalized. 21